It was however an ICO does not make it inherently a security. Per the SEC: ICOs, based on specific facts, may be securities offerings, and fall under the S

It was however an ICO does not make it inherently a security. Per the SEC: ICOs, based on specific facts, may be securities offerings, and fall under the SEC’s jurisdiction of enforcing federal securities laws. And I think it's ultimately up to the courts (unless the SEC eventually gives a definitive answer) to determine what specific qualities make an token offered via ICO into a security, especially because what qualifies as an ICO really kinda varies and how they are structured also really widely varies. https://www.sec.gov/securities-topics/ICO https://www.sec.gov/securities-topics/ICO